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Just Like The "Unsinkable" Titanic Accidents Do Happen

On her maiden voyage from Southampton England to New York the Titanic was carrying 2,224 passengers and crew. At the time she was the largest ship afloat and considered unsinkable until running into an iceberg on April 14th 1912.

Although the shipbuilders Harland and Wolff insist that she was never promoted as unsinkable, the myth continued.

After the Titanic hit the iceberg, White Star Line Vice President P.A.S. Franklin stated" We place absolute confidence in the Titanic. We believe the boat is unsinkable." About the same time he made that statement the Titanic was laying on the ocean floor.

It seems that Harland and Wolff together with White Star Line thought nothing could possibly happen. They were so confident that they didn’t install enough lifeboats on the Titanic to accommodate all the passengers and crew. She was fitted with only enough lifeboats to carry 1,178 people—that’s half of those on board, and one-third her total capacity.

But just like in any business, unexpected "icebergs" do appear. The part of the iceberg that’s visible looks great, but it’s the other 80% below the surface that can cause the most damage, as in the case of the Titanic. It's not hard to picture passengers on deck admiring the iceberg, oblivious to what is below the surface. Although it did not save lives, the Titanic was insured and fortunately a commercial insurance policy can also protect your business against unexpected corporate "icebergs."

 

RMS Titanic, commercial business insurance, free insurance quotes

RMS Titanic in Southampton just prior to departing.

About 25 years ago rumors were being floated that it wasn’t the Titanic that sank but her sister ship the Olympic. As part of an elaborate insurance scam the identities of the ships were supposedly switched because the Olympic had been damaged in a collision.

Many believe that this rumor doesn’t hold water for one simple reason. Fifteen thousand Irish shipbuilders would be asked to conduct the identity switch and then not mention the clandestine project to a living soul not even in the pub.
Lloyd’s of London insured the Titanic and her sister ship, the Olympic, on behalf of the White Star Line as it was considered a prestigious risk. Coverage of the hull alone standing at about 1.5 million around $140 million in today’s money for a premium, back then, of about $10,000.

Despite the high levels of claims the insurers paid out in full within 30 days.

At BizInsuranceHere.com we find the right insurance for your business and negotiate best possible rates. Call us today for free insurance quotes with no obligation and review of your existing coverage.